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On October 17, 2016, securities broker Robert Estevez was suspended by the Financial Industry Regulatory Authority (“FINRA”) for allegedly making unsuitable investment recommendations to his clients. Estevez has also been ordered to cease and desist securities activity in the States of New Hampshire. and Michigan. According to his online FINRA Brokercheck report, Estevez recommended unsuitable short-term…
In October, Michigan securities regulators issued notices of intent to revoke the registrations of The Practical Investor, LLC and its investment advisor representative Anthony Cherniawski. The regulators took action following an investigation into complaints about Cherniawski’s handling of customer accounts. According to the notice of intent, the investigation developed evidence…
Mika Meyers has been retained by a retired investor from the Metro Detroit area whose broker steered her towards “junk” bonds issued by a speculative start-up company, without disclosing his direct financial interest in the company. The broker was a director and executive officer of the issuing company, Consulting Services Support Corporation, and according to documents filed with the…
On April 8, 2016, the Department of Labor (“DOL”) promulgated regulations designed to tackle the problem of “conflicted advice” in the retirement savings industry. Conflicted advice refers to the situation in which a securities broker or other “advice provider” [1] makes a recommendation to a customer that is based, at least in part, on the advice provider’s own pecuniary…